Market updates on July 17
What is going on in the market today ?
Chinese yuan weakens as risk-on sentiment fades
The trade tensions between the US and China weakened the offshore yuan. USD/CNH has risen above the weekly pivot resistance at 6.8828. At the moments bulls are targeting the next resistance at 6.9221. Such oscillators as Stochastics and RSI show that the market is in the overbought conditions. If bears take over the market, they will pull the pair to the support near the 200-day SMA at 6.8254.
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A chance for the Australian dollar
Australia will publish the employment change and unemployment rate on July 18, at 4:30 MT time.
Pay attention to the inflation release for Canada
Canada awaits the release of monthly CPI on July 17, at 15:30 MT time.
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold ascends on Brexit jitters
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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